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[HONG KONG] A wholly-owned unit of Goldman Sachs Group received a banking license from The Hong Kong Monetary Authority (HKMA), the HKMA announced on Wednesday, in a step that creates a local subsidiary through which the US investment bank can book its trades.
The so-called restricted banking license that Goldman Sachs has obtained allows it to take deposits of HK$500,000 (S$90,548) and above, but is normally used for investment banking and capital markets activities, according to the HKMA's website.
The world's largest investment banks have been setting up new subsidiaries as rules drawn up in the wake of the global financial crisis have forced financial firms to rethink where they book their over-the-counter derivatives transactions.
The subsidiaries allow banks' customers to transact with local entities, rather than deal cross-border with the parent bank in another jurisdiction.